Our sister company, MAC Real Estate Services, has been operating for 30 years now. We have seen and heard it all. One of the top questions we are asked is: “when is the best time to buy?”. NOW, and here’s why:
- The Toronto Real Estate Market is very stable
Have there been ups and downs in the market? Well, yes. Have they been the dramatic, sky-is-falling, bubble-bursting downs that some people claim are coming? Absolutely not! Not by a long shot.
- Toronto Real Estate values increase faster than you can save
While we do admire those individuals that are passionate savers, we would like to just put this point out there: the interest you earn on your savings will not come close to covering the increase in property values year-over-year. So if you have been waiting to get into the market as a first time home buyer, please note that the longer you wait, the higher the probability you will be priced right out of the Toronto Real Estate Market.
There may be a few homeowners out there that bought at the peak in 2017, and their home has not returned to that price… yet (remember, only a loss if they have to sell). However, there are even more individuals that have been sitting on the fence for years waiting to buy thinking there will be a correction, and have effectively been priced completely out of the market and now have regrets about just that.
- Mortgage Rates are Phenomenal
Anybody remember the prime rate of 22.75% from 1981? Today’s rate around 2.55% is amazing. Lock it in!
Start now, start small, and stay patient.
Of course, we can’t ignore the flip side to the above question, which is: “when is the best time to sell?”. While we may be a bit biased – as we LOVE real estate – our answer will almost always be NEVER. Hold onto your property. If you need to move, turn it into an investment property. Down the road you can pass the property on to your children. Are there times when selling is the better plan? Absolutely. But if you can, keep the property. After all, history has shown that the wealthy have invested in multiple properties… often being part of the reason they became so wealthy. Your kids will certainly also appreciate the generational wealth transfer.
Interested in buying real estate in Toronto & the GTA, or perhaps investing in Toronto real estate? First time home buyer? Moving to Toronto? Are you part of a Toronto relocation with your employer? Our real estate sister company – MAC Real Estate Services Inc., Brokerage – can help you with all steps of the process, from finding a new home, temporary accommodations in the meantime, destination services, settling in services, move management, and so much more. So many steps of the move can be handled in advance, so when you arrive we can get you settled much faster. When moving to Toronto, we can help with all aspects of the relocation.
We’d love to hear from you, so call us today to book your complimentary private consultation.
Once you are all settled into your new home, let us help you with a relaxing Caribbean get-away with a private luxury villa rental in St Martin/ St Maarten, St Barth’s or Anguilla. Caribbean villa rentals are a cost-effective way to travel. Ask us how!